Superannuation Contributions Determination
SCD 2000/2
Superannuation contributions: what are the indexable amounts for the 2000-2001 financial year under the Termination Payments Tax Imposition Act 1997?
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FOI status:
may be releasedFOI number: I 1024310| Preamble |
| Superannuation Contributions Determinations (SCDs) do not have the force of law. Each decision made by the Australian Taxation Office is made on the merits of the individual case having regard to any relevant Rulings and Determinations. |
1. The Termination Payments Tax Imposition Act 1997 (the TPTIA) provides that for each indexing financial year the indexable amount is to be an amount which reflects movements in full-time adult average weekly ordinary time earnings (AWOTE).
2. To ascertain an indexable amount, an indexation factor is calculated by dividing the index number for the last quarter in the current March year by the index number for the last quarter in the previous March year. The index number for a quarter is the AWOTE estimate for the middle month of the quarter published by the Australian Statistician.
3. The Australian Statistician's AWOTE estimate for February 2000 was $774.80 and the estimate for February 1999 was $743.80. This produces an indexation factor of 1.042. This factor, when multiplied by the indexable amount for the previous year, produces the indexable amount for the current year.
4. Superannuation Contributions Determination SCD 1999/2 specified the previous indexable amounts for the 1998-99 financial year as $1,118; $78,208 and $94,966.
5. For the purposes of section 6 of the TPTIA, the indexable amounts for the 2000-2001 financial year are:
- $1,165
- $81,493
- $98,955
Commissioner of Taxation
17 May 2000
Not previously issued in draft form
References
ATO references:
NO T2000/8247
Related Rulings/Determinations:
SCD 97/2
SCD 98/4
SCD 1999/2
SCD 2000/1
SCD 2000/3
SCD 2000/4
Subject References:
average weekly ordinary time earnings
earnings base
financial year
indexation
indexation factor
minimum contribution base
superannuation contributions
surcharge
surcharge threshold
threshold
Legislative References:
TPTIA 5
TPTIA 6
| Date: | Version: | Change: | |
| You are here | 17 May 2000 | Original ruling | |
| 29 January 2014 | Withdrawn |